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CHARTER FEDERAL ANNOUNCES EFFECTIVENESS AND RECORD DATE FOR RIGHTS OFFERING

 BRISTOL, Va., July 12 /PRNewswire/ -- Charter Federal (NASDAQ: CHFDC CHFDR) announced today that its offering circular for an offering of common stock pursuant, in part, to the distribution of subscription rights to its shareholders was declared effective by the Office of Thrift Supervision.
 Under the terms of the offering, Charter Federal is issuing 5.95 subscription rights per share of common stock owned by each shareholder as of July 9, 1993, the record date. The common stock will begin to trade "ex-rights" on July 12, 1993. A total of 21,809,733 subscription rights have been issued. Each subscription right will entitle the holder to purchase one share of common stock at a price of $2.00 per share, and each record date shareholder will have the opportunity to subscribe for additional shares of common stock, subject to certain limitations. Subscription rights will be transferable, and the rights will trade on the NASDAQ Small-Cap Market under the symbol "CHFDR". The offering will expire on Aug. 6, 1993, unless extended to a date not later than Aug. 31, 1993. Consummation of the offering is conditioned upon the sale of a minimum of 20,650,000 shares of common stock.
 Two record date shareholders, each of whom owns in excess of 5 percent of the outstanding shares of the savings bank's common stock, together with the directors of Charter Federal and certain institutional investors and high net worth individuals, acting as standby purchasers, have committed to purchase at the closing date sufficient shares of common stock to satisfy the minimum condition of the offering.
 Charter Federal, which began operation in 1920, is a federally- chartered stock savings bank headquartered in Bristol, Va., with 26 offices throughout southwest Virginia and northeast Tennessee. At June 30, 1993, Charter Federal had $678 million in total assets and $574 million in deposits.
 A copy of the offering circular may be obtained by contacting Cecil R. McCullar, President and Chief Executive Officer, Charter Federal Savings Bank, 110 Piedmont Ave., Bristol, Va. 24201. Phone: (703) 645-5220.
 -0- 7/12/93
 /CONTACT: Cecil R. McCullar, President and Chief Executive Officer, Charter Federal Savings Bank, 703-645-5220/
 (CHFDC CHFDR)


CO: Charter Federal Savings Bank ST: Virginia IN: FIN SU: OFR

CM -- CH002 -- 0267 07/12/93 09:08 EDT
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Publication:PR Newswire
Date:Jul 12, 1993
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